Technical update on TCS and Lead

TCS

So far TCS was forming lower top but now it has breached trend line resistance. Minor resistance is at Rs.1500 but traders should look to buy TCS for medium term.

Lead

Lead had formed inverted head and shoulder pattern and in yesterday's trading session it has breached this formation. Lead should be bought on every dip.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5229

Thought for the day

As you simplify your life,the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness.

Technical update on Nifty

Nifty

Nifty has closed around 6100 which is a major support level. If Nifty closes below this support then it can reach 5970 in short term.

Nifty medium term trend

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	5229

 

Thought for the day

Follow your heart but take your brain with you.

Technical update on Nifty

Nifty daily chart

One important observation in daily chart of Nifty is that RSI is showing bearish divergence. Index has gone up but RSI has formed a lower top which indicates that bulls are tired. In best case scenario it might touch 6300 but in short term there is no possibility of breaking this level.

Technical update on Nifty and Bank Nifty

Nifty weekly chart

 

In the last week Nifty has completed 100 % retracement and managed to close above previous high 6100. Momentum is strong and companies like LT, SBI , PNB, HDFC Bank , Axis Bank and even IT sector is also doing well. The possibility of reaching 6300 is very high.

Bank Nifty weekly chart

Bank Nifty has reached previous high that is 13300 which was made in the year 2010. Suppose it breaks this level it can reach 13500.

One important observation in both Nifty and Bank Nifty charts is that RSI is not over bought. Does this mean that market has strength to create new high?? Lets see.

Nifty medium term trend

 

Trend	UP
Initiation Date	18-04-13
Initiated at	5783
High since change	6199

 

Thought for the day

A good friend is a connection to life a tie to the past, a road to the future, the key to sanity in a totally insane world

Technical updates on Axis Bank , LT and SBI

 

Axis Bank

Axis Bank has breached previous peak at Rs.1515 and closed at Rs.1530. Even at Rs.1530 RSI is not over bought so there are possibilities of further rally.

LT

LT has reached a major resistance line at Rs.1600 (observe green line) If LT closes above this line then once again long position can be considered.

 SBI

SBI has closed above diagonal trend line resistance. Further rally is possible as long as it is above Rs.2390.